Renunciation Agreement
This Renunciation Agreement (the "Agreement") is made and entered into on this 6th day of January 2050 (the "Effective Date"), by and between:
Renouncing Party:
Full Name: [Your Name]
Address: 456 Maple Street, Apt 4B
City, State, Zip Code: Springfield, IL, 62701
("Renouncing Party")
Receiving Party:
Full Name: Samantha L. Thompson
Address: 789 Oak Drive, Suite 12
City, State, Zip Code: Lincoln, IL, 62656
("Receiving Party")
RECITALS:
WHEREAS, the Renouncing Party has certain rights, claims, interests, or benefits (the "Rights") concerning a family property located at 1020 Pine Avenue, Springfield, IL 62701, as of the Effective Date; and
WHEREAS, the Renouncing Party desires to voluntarily relinquish, waive, and renounce any Rights they hold in connection with the property at 1020 Pine Avenue, Springfield, IL, including any claims to ownership, inheritance, or future interest; and
WHEREAS, the Receiving Party has agreed to accept such renunciation of the Rights as set forth below.
NOW, THEREFORE, in consideration of the mutual covenants and promises herein contained, the parties agree as follows:
1. Renunciation of Rights
The Renouncing Party hereby irrevocably renounces, releases, and disclaims any and all rights, claims, interests, benefits, or obligations in connection with the property at 1020 Pine Avenue, Springfield, IL. This renunciation is effective immediately upon the execution of this Agreement.
2. No Further Claims
The Renouncing Party acknowledges that by executing this Agreement, they will have no further claims, rights, or interests about the aforementioned property. The Renouncing Party agrees not to assert any further claims or demands of any nature, whether known or unknown, related to the property against the Receiving Party or any third party.
3. Indemnification
The Renouncing Party agrees to indemnify and hold harmless the Receiving Party from any liability, loss, or claims that may arise as a result of the Renouncing Party's prior ownership, claim, or interest in the property.
4. Governing Law
This Agreement shall be governed by and construed by the laws of the State of Illinois, without regard to its conflicts of laws principles.
5. Entire Agreement
This Agreement contains the entire understanding of the parties concerning the subject matter hereof and supersedes all prior or contemporaneous understandings, agreements, representations, and warranties, whether written or oral, regarding such subject matter.
6. Severability
If any provision of this Agreement is held to be invalid or unenforceable by a court of competent jurisdiction, the remaining provisions shall continue in full force and effect.
7. Execution
This Agreement is executed as of the Effective Date by the undersigned authorized representatives of the parties.
IN WITNESS WHEREOF, the parties have executed this Renunciation Agreement as of the date first above written.
Renouncing Party:
Printed Name: [Your Name]
Date: 6th January, 2050
Receiving Party:
Printed Name: Samantha L. Thompson
Date: 6th January, 2050
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